Crypto not a way to 'opt out of inflation,' says Bank of Canada
During testimony before the House of Commons Finance Committee on Monday, Liberal MP Yvan Baker reportedly asked Bank of Canada governor Tiff Macklem and senior deputy governor Carolyn Rogers whether crypto could replace the Canadian dollar in the face of rising inflation in the country.
"I think if Canadians are looking for a stable source of payment and a stable source of value, cryptocurrencies don’t really meet that test. We don’t see cryptocurrencies as a way for Canadians to opt out of inflation or a stable source of value," Rogers replied.
Rogers added there was "some promise" in cryptocurrencies, citing the possibility of the tech bringing "more efficiency to payments" and more "competition to the financial sector."
Canada's inflation rate soared to a 31-year high of 6.7% in March, far more than economists were expecting and a full percentage point higher than February's already 30-year high.
Subscribe now:
t.me/therussianmarket
